Asahi India Glass shares soared to an all-time high of ₹833.95 on September 23, marking a 25% surge over the last four trading days. Early trading volumes were heavy, reflecting a continued uptrend for the stock despite some profit booking during the session. By 11:55 PM, the stock had slightly cooled but remained strong at ₹817.05 on the National Stock Exchange (NSE). This rise comes as a notable development, especially for investors looking to buy shares online, who may find this stock's performance intriguing.
Trading volumes surpass the daily average
The trading volume for Asahi India Glass remained robust throughout the session, with 2.7 million shares changing hands by midday—far exceeding the one-month daily average of 500,000 shares. The previous trading session witnessed even greater activity, with 6.6 million shares being exchanged. The significant surge in volume points to heightened interest from institutional and retail investors alike, further fuelling the stock's upward momentum.
Technical breakout propels stock
According to Shitij Gandhi, Senior Technical Research Analyst at SMC Global Securities, the stock's rally was propelled by a technical breakout. Recently, the share price had dipped from ₹720 to ₹600 as part of a corrective phase. However, it found strong support around its 200-day Exponential Moving Average (EMA) and began to rebound. Gandhi pointed out that Asahi India Glass has been forming higher lows on the daily chart, signalling a potential trend reversal. He further explained that the stock’s breakout above a symmetrical triangle pattern has added to its bullish outlook.
Quarterly performance and outlook
Despite the recent stock rally, the company’s financial performance in the June quarter was less promising. Asahi India Glass posted a consolidated net profit of ₹76.7 crore, marking a 25% decline from ₹102.8 crore in the same period last year. However, its revenue rose by over 4%, reaching ₹1,135.83 crore compared to ₹1,090.70 crore in the previous fiscal year. The revenue growth, despite the profit drop, suggests that the company’s long-term fundamentals remain intact.
Investors looking to buy shares online are likely keeping a close eye on Asahi India Glass, particularly given the recent technical breakout and continued support at key levels. While some profit-taking has been observed, the stock has managed to retain much of its recent gains, providing optimism for its future performance.
Conclusion
The recent surge in Asahi India Glass stock has captured significant market attention, driven by strong trading volumes and a technical breakout. Despite a dip in quarterly profits, the company’s revenue growth and positive technical indicators suggest that it could continue its upward trajectory. As the stock stabilises following its record high, investors are closely monitoring whether the bullish momentum will continue in the coming sessions.
For android only